Today, 33 states and the District of Columbia have enacted laws allowing for either medical or adult-use cannabis. An additional 14 states allow for limited medical use. But under current law, financial institutions providing banking services to legitimate and licensed cannabis businesses under state laws are subject to criminal prosecution under several federal statutes, such as "aiding and abetting" a federal crime and money laundering.
In March, Rep. Ed Perlmutter (D-CO) introduced the Secure and Fair Enforcement (SAFE) Banking Act (HR 1595) to address this discord between state and federal policy. This bipartisan legislation recently hit 200 cosponsors in the House, and a House floor vote is expected soon.
Please email your U.S. Representative to urge them to support the SAFE Banking Act! If your rep is already a cosponsor, you can thank them for their leadership on the issue.
This legislation would prevent federal regulators from punishing financial institutions for providing services to cannabis-related businesses operating in compliance with state laws. While some cannabis businesses have been able to find banking services, most banks are unwilling to work with them because they fear federal prosecution. As a result, many cannabis businesses are forced to operate entirely in cash.
Solving the banking issue would promote public health and safety, as access to banking would ensure broader patient access, help with business transparency and compliance, and reduce safety risks associated with running high-volume, cash-only businesses. In addition, the legislation would make it easier for financial institutions to provide loans to cannabis-related businesses, allowing those with the least access to capital — often minorities — to participate in the new legal cannabis industry.
Please contact your U.S. Representative in support of this bill TODAY, then share this link with friends and family who support sensible cannabis policies so they can do the same.
Members of the public are invited to provide comments on California’s proposed rules for cannabis businesses. The Bureau of Cannabis Control and other agencies seek public comments as they consider a permanent set of rules — replacing those temporarily in place.
For background, including the text of the proposed rules, summaries, and the agencies’ reasoning for seeking changes, visit the state’s website. Comments must be received by 5:00 p.m. on Monday, August 27.
For the most part, permanent rules would mirror those currently in place – but there are some key differences. A big improvement is a clarifying statement that adults 21 and older could receive cannabis deliveries at their own homes, statewide. This is a much-needed solution for those who live in parts of the state that have banned retail sales.
Unfortunately, the transition from illicit to legal sales has not gone as quickly as many had predicted in California, due in large part to rural communities that have refused to allow legal sales. By ensuring that deliveries are available for adults everywhere, consumers are given an option for safe, discreet, and legal sales.
Not all proposed rule changes are positive. One change would limit medical cannabis dispensaries to the sale of cannabis products and branded merchandise, preventing them from offering holistic health services such as counseling and support.
If you are a California resident, take a look at the proposed rules and be sure to send comments so they can be received before the deadline on the 27.